Question 1: Aswwer the following four questions: (10 Marka) (CLO.1) 1. Abu Dhabl-Sales Company has the following selected accounts after noging afjusurc critries Instructions Prepare the current liability section of Abu Dhabi Sales Company's balance sheet (0.552.5 marks) Answer: Abu Dhabo SALES COMPANY 2. On December 1, Dubai Corporation borrowed $15,000 on a 90 -day, 6% note. Prepare the antries to record the issuance of the note, the accrual of interest atyear end, and the payment of the note. (0.584 marks) Amexer: 3. During December 2018, Pioneer Publishing sold 2,500 12-month annual magerine subscriptions at a rate of $30 each. The first issues were mailed in February 2019. Prepare the entries on pioneer's books to record the sale of the subseriptions and the mailing of the firn issues. (0.5*4 2 marks). Answer: 4. Abu Dhabi Company had cash sales of $54,250 (including taxes) for the month of September. Answer: Question 2: Ansiver Group Work th 1 1. Khalid and Osman decide to contributes $10,000 ree questions: (10 Marks) (CLO-2) Instructions Prepare Prepare the entry to record each partner's investment (.55=3.5. Answer: 2. Tonto Company and Ranger Company decide to merge their proprietorships into a partnership called Westward Ho Company. The balance sheet of Ranger Company shows: The partners agree that the net realizable value of the receivables is $12,500 and that the fair market value of the equipment is $15,000. Instructions Indicate how the accounts should appear in the opening balance sheet of the partnership (.54=2 marks). WESTWARD HO COMPANY Balance Sheet (partial) Assets $ Less: s Equipment 3. The Mariam \& Lina Co. reports net income of $28,000. Interest allowances are Mariam $3,000 and Lina $5,000; partner salary allowances are Mariam $18,000 and Lina $10,000 and the remainder is shared equally. Instructions Indicate the division of net income to each partner and prepare the entry to distribute the net income. (0.511=5.5 marks ) Anserer Division of Net income The entry to record the division of net income is:(1.5 marks)